Slow Progress or Quick Success: Does green credit facilitate the service transformation of Chinese manufacturing enterprises?

This study considered non-financial A-share listed corporations between 2007 and 2021, with enterprise data retrieved from the CSMAR database, the Wind database, and various provincial and municipal statistical yearbooks. The collected data was processed as follows: (1) Given the adjustments to industry codes by the China Securities Regulatory Commission in 2012, this study standardized industry codes from before 2012 to the dimension of codes after 2012. (2) The sample industry was restricted to manufacturing, and all ST, *ST, and PT company samples were excluded. (3) Samples of corporations with severely missing fundamental data were removed. (4) Samples of corporations with a debt–asset ratio exceeding 1 were removed. (5) A 1% trimming was applied to all dummy variables. The final sample comprised 21,273 observations, with 6,868 samples designated as the experimental group and 14,405 samples designated as the control group.